At a glanceFriday, December 10, 2021

Collection Industry News At A Glance - December 10, 2021
Friday December 10, 2021
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Banks get behind CFPB’s tough approach to tech giants

Here’s one area where both large and small banks agree that the Consumer Financial Protection Bureau should flex its muscles: oversight of big technology companies and online payment platforms.

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FDIC Statement on CFPB Statement

Earlier today, the Consumer Financial Protection Bureau (CFPB) posted on its website a document, purportedly approved by the FDIC, requesting comment on bank mergers.  No such document has been approved by the FDIC. 

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Upstart and the National Bankers Association Partner to Provide AI Lending Technology for Minority-Owned Banks

WASHINGTON & SAN MATEO, Calif.--(BUSINESS WIRE)--Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending platform, and the National Bankers Association (NBA) today announced a partnership to improve access to affordable credit for customers of minority-owned depository institutions (MDIs) through a unique agreement to use Upstart’s AI lending platform.

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Veridian Credit Union and Alacriti Announce Launch on the TCH RTPⓇ Network

PISCATAWAY, N.J.--(BUSINESS WIRE)--Veridian Credit Union, a full-service financial cooperative with $5.5 billion in assets and more than 260,000 members, along with their third-party service provider Alacriti, announced that they are now live on The Clearing House’s (TCH) RTP® network. Veridian’s members can now receive payments in real-time from any person or business transacting on the RTP network.

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Mountain America Credit Union Named No. 1 Overall SBA Lender in Utah in 2021

SALT LAKE CITY, Dec. 9, 2021 /PRNewswire/ -- The Small Business Administration (SBA) recently named Mountain America Credit Union Utah's No. 1 overall small-business lender. Lending more than $90 million total, Mountain America provided 130 small-business owners with the capital needed to grow their businesses, hire more employees and help strengthen Utah's local economy.

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America First Credit Union Attains No. 1 SBA Ranking in Utah District

SALT LAKE CITY, Dec. 9, 2021 /PRNewswire/ -- America First Credit Union has attained the No. 1 SBA lender ranking in dollars lent by assisting more than 68 small businesses throughout the Utah District during the 2021 federal fiscal year. With a total of more than $52 million in 7(a) loans distributed within the Utah District, America First Credit Union surpassed its 2020 total of more than $35 million in loans disbursed.

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CFPB Fall Supervisory Highlights Shed Light on Agency Priorities

Yesterday, the Consumer Financial Protection Bureau (CFPB) released its Fall Supervisory Highlights. The report covers examinations completed between January and June of 2021. Over the last year, the Biden-era CFPB has made various statements about its priorities. For instance, the Bureau has issued comments or taken action related to the small dollar lending agenda, auto financefintechs and technology companiesmortgage discrimination, and small business lending. The CFPB has been particularly vocal about COVID-19 issues, going so far as to publish a special edition of its Supervisory Highlights in January focusing entirely on issues related to the pandemic.

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Lexington Law Prevails Again Against Misguided Attack from Debt Collectors

SALT LAKE CITY, Dec. 9, 2021 /PRNewswire/ -- Recently, a federal jury in Kansas rejected a fraud lawsuit brought by Ad Astra Recovery Services, a debt collector and credit furnisher, against Lexington Law, Progrexion, and several attorneys and credit repair professionals affiliated with Lexington and Progrexion.  

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How Should Regulators Review Bank Mergers?

Across our economy, major sectors have become more consolidated. But consolidation can actually make it more difficult for smaller players to break in, denying the public of the benefits of competition. It can also make our economy less resilient and more vulnerable to shocks.

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Seven examples of unfair practices and other violations by mortgage servicers: CFPB supervision activities uncover red flags

In 2021, we’ve seen many promising signs that the economy is reopening and recovering, including lower unemployment and more household spending. At the same time, our recovery remains fragile, and millions of families continue to struggle to afford their mortgage payments.

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California Debt Collection Advisory Committee Hosts End-of-Year Meeting

The committee’s second meeting since it was established under California law will follow up on a July discussion about debt collection licensing, consumer communications and more.

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November 2021 U.S. Foreclosure Activity Declines Slightly From Last Month But Still On The Rise From A Year Ago

IRVINE, Calif., Dec. 9, 2021 /PRNewswire/ -- ATTOM, licensor of the nation's most comprehensive foreclosure data and parent company to RealtyTrac (, the largest online marketplace for foreclosure and distressed properties, released its November 2021 U.S. Foreclosure Market Report, which shows there were a total of 19,479 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 5 percent from a month ago but up 94 percent from a year ago. The 7th consecutive month of annual increases.

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Massachusetts Considering Comprehensive Privacy Bill Containing Private Right of Action and Record Breaking Liquidated Damages Provision

Massachusetts is one of the many states considering enacting a state-level privacy law.  On October 13, 2021, the Joint Committee on Advanced Information Technology, the Internet and Cybersecurity, conducted a virtual public hearing during which it considered, among other things, an Act establishing the Massachusetts Information Privacy Act (“MIPA”), which was introduced as S.46 in the State Senate and as H.142 in the State House.  Read on to learn more about the MIPA’s scope and its impact if adopted on Massachusetts privacy litigation going forward.

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CFPB Report Highlights Supervisory Findings of Wide-Ranging Violations of Law in 2021

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today issued a Supervisory Highlights report, which shines a light on legal violations identified by the CFPB’s examinations in the first half of 2021. The report also highlights prior CFPB supervisory findings that led to public enforcement actions in the first half of 2021.

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Supervisory Highlights

A key function of the Consumer Financial Protection Bureau (CFPBor the Bureau) is to supervise the institutions subject to its supervisory authority. The CFPB helps consumers take control over their economic lives through its supervision program by making consumer financial markets more transparent and competitive. To accomplish this, the CFPB examines institutions to assess compliance with Federal consumer financial law, obtain information about compliance management systems (CMS), and detect and assess risks to consumers and markets for consumer financial products and services.2 The CFPB’s supervision program is focused on preventing violations of law and consumer harm before they occur.

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House passes compromise version of NDAA

The House passed a version of the fiscal year 2022 National Defense Authorization Act (NDAA) Tuesday night. This version does not contain bank-requested expansion of an arrangement allowing waivers for certain costs for credit unions on military installations.

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Credit Unions That Lag on Digital Strategy Lose out on Customer Loyalty

For financial institutions of all types — but especially credit unions — the great digital shift has taken on special urgency over the past 18 months. Most of them, at least. PYMNTS/PSCU joint research recently found that as many as 15% of CUs still haven’t committed to a comprehensive digital strategy to modernize operations and respond to members’ (and prospective members’) demands for a better customer experience.

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Apply for California Debt Collection License by Dec. 31

California became the latest state to require debt collection licenses this year and the deadline to apply is quickly approaching. The Debt Collection Licensing Act (DCLA), which takes effect Jan. 1, 2022, requires any person engaging in the business of debt collection in California to be licensed by the California Department of Financial Protection and Innovation (DFPI).

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Visa to open crypto consulting service for banks as sector draws in investors

Visa (V) is launching a consulting service that caters to banks weighing their own plans for cryptocurrencies, the company announced on Wednesday, leveraging its own crypto experience as the sector increasingly goes mainstream.

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Statement by CFPB Director Rohit Chopra on HUD Guidance on Special Purpose Credit Programs

WASHINGTON, D.C. — Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra issued the following statement: Earlier today, the U.S. Department of Housing and Urban Development released guidance  clarifying that special purpose credit programs that conform with the Equal Credit Opportunity Act and Regulation B generally do not violate the Federal Fair Housing Act. 

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Nine Critical Capabilities that Collection Software Systems Need in 2021

No doubt 2020 was one of the most difficult years on record for the collection industry. Unfortunately, 2021 looks to be every bit as daunting given the latest major challenges: • Ongoing social & economic impacts from the COVID-19 Virus (deferred payments/rising defaults) • Expanding list of State & Federal regulatory requirements (CFPB New Rulings) • Changing consumer payment behavior and contact preferences (agentless collections/texting) For collection operations to tackle these major challenges (and those that may follow), they will need their collection software platform to provide a critical set of capabilities. The bad news is many collection software systems in use today are not likely to have these requisite capabilities (at least not in the form or to the degree needed).

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CFPB Issues Final Rule to Facilitate Transition from LIBOR

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today finalized a rule facilitating the transition away from the LIBOR interest rate index for consumer financial products. The rule establishes requirements for how creditors must select replacement indices for existing LIBOR-linked consumer loans after April 1, 2022. No new financial contracts may reference LIBOR as the relevant index after the end of 2021. Starting in June 2023, LIBOR can no longer be used for existing financial contracts. The transition away from LIBOR was set into motion after a criminal rate-setting conspiracy implicated large international banks and undermined public confidence in the index. Approximately $1.4 trillion of consumer loans are estimated to be currently tied to LIBOR.

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Wells Fargo sees borrower defaults starting to rise from low levels reached during pandemic

Wells Fargo is seeing borrower defaults start to rise from lows reached during the pandemic as financial conditions begin to normalize, CEO Charles Scharf said Tuesday. "We would say the bottom has been reached," he said at the Goldman Sachs U.S. Financial Services Conference.

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Senate confirms FCC Chair Rosenworcel to another term, narrowly avoiding a Republican majority

The Senate voted 68-31 to confirm Federal Communications Commission Chair Jessica Rosenworcel, the first woman to hold that title, to another five-year term, narrowly avoiding a Republican majority at the agency once her current term was set to expire at the end of the year.

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Ransomware Attacks Continue to Cause More Underwriter Scrutiny

Continued widespread cyber attacks have leaders in just about every industry wary and watchful, and insurance underwriters are no exception. Given the increase in claims from recent ransomware attacks, cyber insurers are requiring even more information as part of their underwriting processes.

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93% of payday loan borrowers regret taking out their loans, survey finds

The vast majority (93%) of borrowers regret taking out their payday loan, according to a new survey from DebtHammer. Just 1% of respondents said their financial situations improved after borrowing a payday loan, while 84% said they were worse off.

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In its most recent Data Breach Industry Forecast released Monday, credit bureau and information services firm Experian identified five areas where it believes cybercriminals will look for opportunities in 2022.

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ACI Worldwide and Dover Fueling Solutions Collaborate on Data Security Offering for Increased Fuel Pump Security

MIAMI & AUSTIN, Texas--(BUSINESS WIRE)--ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time digital payment software, and Dover Fueling Solutions (DFS), a leading developer of advanced customer-focused technologies, services and solutions for the fuel and convenience industries, today announced their collaboration on a point-to-point encryption (P2PE) data security offering. This will increase protection for consumers’ credit and debit cards at fueling dispensers, significantly reducing the risks of costly data breaches for these merchants.

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How Consumers Pay for the Half-Trillion Dollars They Spend Every Month

Consumers in the United States spend a collective $555 billion each month buying groceries, food, retail products and travel-related purchases — and the way they pay is changing faster than the tides.

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Rent Payment History Offers Greater Predictability into Consumer Credit Performance

As financial institutions look for new ways to promote financial inclusion efforts in the new year, a new TransUnion (NYSE: TRU) analysis underscores the importance of rent payments as an alternative credit data asset and how this information can provide greater insight into future consumer credit performance.

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Attorney General Bonta Announces Sentencing for Student Loan Scam and Computer Crimes

OAKLAND – California Attorney General Rob Bonta today announced the sentencing of four individuals for their roles in perpetrating a student loan assistance scam and related computer crimes through their now-defunct company, Student Loan Relief Department. The defendants’ company masqueraded itself as a legitimate source of help and feigned association with the U.S. Department of Education (ED) in order to gain the trust of distressed student loan borrowers and access their personal information.

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CUNA Research: Unemployment Decline Shows Signs of Economic Recovery


Credit Union National Association (CUNA) Senior Economist Dawit Kebede, PhD, issued the following statement in response to the Labor Department’s November Jobs Report:

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Oliphant United Announces New Ownership

Sarasota, FL., December 6, 2021 -- Oliphant United LLC (“Oliphant”), a leading debt buyer accounts receivables management (“ARM”) organization for the debt industry has announced the sale of controlling equity interest to Skypeak Fund I (“Skypeak") and International Capital Access Group (“ICAG”) for an undisclosed sum. Oliphant has a long and successful heritage in the debt purchasing and debt servicing industry dating back to 1992; a history not only coupled with strong family-oriented values, but one rooted in cultivating steadfast and lasting relationships with both lenders and borrowers.

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FTC Overhauls Safeguards Rule Regarding Customer Information Applicable to Auto-Dealers and Other “Financial Institutions”

On October 27, 2021, the FTC announced that it intends to publish (1) a final rule to amend the Standards for Safeguarding Customer Information (Safeguards Rule); (2) a supplemental notice and request for public comment on further amendments to the Safeguards Rule; and (3) a final rule to amend the Privacy of Consumer Financial Information Rule (Privacy Rule) under the Gramm-Leach-Bliley Act (collectively, GLBA Rules)

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NY Federal Court Grants Preliminary Approval of $38.5M TCPA Settlement

A New York federal judge recently granted preliminary approval for a $38.5 million class action settlement in Jenkins v. National Grid USA et al., 2:15-cv-01219 (E.D. N.Y. 2021), a case arising under the TCPA.  The defendants are several large-to-medium gas companies. 

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Federal Regulators Adopt New Computer-Security Incident Notification Requirements for Banks and Service Providers

In response to increasingly frequent and sophisticated cybersecurity attacks on banks and bank service providers, the federal prudential banking regulators—the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (FDIC)—have adopted a new rule that requires banks to report cyber incidents to their primary regulator.

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Portfolios For Sale

$4,716,745.12 Checks
BAL Financial LLC

(617) 595-5794

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$13,550,990 Credit Cards
BAL Financial LLC

(617) 595-5794

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Industry Events

RMAI 2022 Annual Conference

Receivables Management Association International

Aria Resort & Casino
Las Vegas , Nevada
February 07 - 10 , 2022

916 482 2462

AFCC 2022 Spring Conference

American Fair Credit Council

Four Seasons Hotel
New Orleans , LA
March 27 - 29 , 2022

(888) 657-8272

Collection and Recovery Solutions 2022

Resource Management Services, Inc.

Our live Collection and Recovery Solutions event will be held May 25 – 27 at the Four Seasons in Las Vegas. We hope you can join us! More details will be provided soon. Our team can always be reached at

May 25 - 27 , 2022